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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Re: FHA wil pay the $81,000... Posted by Michael on July 18, 2003 at 10:19 AM In Reply to: FHA wil pay the $81,000... posted by Ward-CA- on July 17, 2003 at 11:01 PM Are you sure about it? Is that because FHA insures interest payments as well? The reason I am asking, is because I saw one house listed on MLS - it's now listed as contingent, and the list price was $105k. According to the Sale Notice I have, the judgement amount is $112k at least, and it's an FHA loan. So, since property description said that all offers subject to bank's approvail, it seems that bank is willing to take a bit less(around the original principal amount) because only it will be paid by HUD. : : OK, I'd really appreciate if someone can let me know what happens in this situation: : : A house with FHA mortgage went to sale. The original purchase price of the house was $67k, mortgage amt was $66k. The house went to the Trustee sale and was sold to plaintif(the bank) for their bid of $81k. : : Question - I know that FHA loans are insured. But what happens in this case? If the bank turns over this house to HUD, will they get paid their judgement amount or original loan amt($66k). The point is that - I would like to buy that house for around $70k. I think it will be easier for the bank. But I don't know if it makes sense approach them if FHA/HUD will pay them more. Does anyone know an answer to this situation? Thanks a lot in advance. : =-=-=-=-= : FHA will pay the bank their opening bid of $81,000. Follow Ups: Post a Followup: Name : E-Mail : Subject : Comments: : Are you sure about it? Is that because FHA insures interest payments as well? : The reason I am asking, is because I saw one house listed on MLS - it's now listed as contingent, and the list price was $105k. According to the Sale Notice I have, the judgement amount is $112k at least, and it's an FHA loan. : So, since property description said that all offers subject to bank's approvail, it seems that bank is willing to take a bit less(around the original principal amount) because only it will be paid by HUD. : : : OK, I'd really appreciate if someone can let me know what happens in this situation: : : : A house with FHA mortgage went to sale. The original purchase price of the house was $67k, mortgage amt was $66k. The house went to the Trustee sale and was sold to plaintif(the bank) for their bid of $81k. : : : Question - I know that FHA loans are insured. But what happens in this case? If the bank turns over this house to HUD, will they get paid their judgement amount or original loan amt($66k). The point is that - I would like to buy that house for around $70k. I think it will be easier for the bank. But I don't know if it makes sense approach them if FHA/HUD will pay them more. Does anyone know an answer to this situation? Thanks a lot in advance. : : =-=-=-=-= : : FHA will pay the bank their opening bid of $81,000. Optional Link URL: Link Title: Optional Image URL: [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

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